High Loan Amount
Get an instant Rs 1 Lakh loan online for urgent needs or personal goals effortlessly.
Rs 1 Lakh Personal Loan
Need a quick fund of Rs 1 Lakh but not sure where to start? Apply for the Hero FinCorp Personal Loan of Rs 1 Lakh. Get fast approval without any collateral from the comfort of your home.
Instant Approval in 10 Minutes
Tenure up to 36 Months
Minimum Income Required Rs 15K
Calculate Personal Loan EMI
Get a Rs 1 Lakh Personal Loan Instantly
An instant Personal Loan of Rs 1 Lakh is a quick and easy option considered by both salaried and self-employed individuals for urgent cash needs. Be it a medical emergency, home renovation, higher education or last-minute wedding-related expense, you can get a Personal Loan of Rs 1 Lakh online from Hero FinCorp. Apply online with minimal documents and get approval within 10 minutes. It is a hassle-free way to get money at attractive interest rates (starting from 1.58% per month) and flexible repayment tenure of 12 to 36 months.
Why Choose Hero FinCorp for a Personal Loan of Rs 1 Lakh?
Applying for a Rs 1 Lakh personal loan with Hero FinCorp offers an effortless and fast way to meet your financial needs. Here are some reasons to pick:
1. Instant Approval in 10 Minutes: Get quick approval and access to your money in just 10 minutes, so you don't have to wait long.
2. No Security or Collateral Needed: You can apply without having to put up any security or collateral, which makes the process easier.
3. 100% Digital Journey: The entire process, from application approval to submission, is online and paperless.
4. Flexible Tenure: Choose a repayment period that suits your budget and make it easy to repay with EMIs.
5. 24/7 Emergency Financial Support: Pay for medical bills, urgent travel, or other unexpected costs without touching your savings.
EMI for Personal Loan of Rs 1 Lakh for up to 3 Years
Here’s the calculation of a Rs 1 Lakh loan EMI at an interest rate of 19% per annum for different tenures.
| Loan Amount | Tenure (in Months) | Interest Rate (per annum) | Monthly EMI | Total Interest | Total Amount Payable |
|---|---|---|---|---|---|
| Rs 1,00,000 | 12 | 19% | 9,216 | 10,588 | 1,10,588 |
| Rs 1,00,000 | 18 | 19% | 6,428 | 15,170 | 1,15,710 |
| Rs 1,00,000 | 24 | 19% | 5,041 | 20,981 | 1,20,981 |
| Rs 1,00,000 | 30 | 19% | 4,213 | 26,398 | 1,26,398 |
| Rs 1,00,000 | 36 | 19% | 3,666 | 31,962 | 1,31,962 |
If you borrow a Rs 1 lakh Personal Loan for 3 years, the EMI will be smaller and easier to handle. However, if you choose a shorter term, the EMI amount will increase, and you'll need to assess your monthly budget to accommodate it comfortably.
To plan better, use a personal loan EMI calculator. It computes EMIs for different loan terms, allowing you to choose a loan tenure with affordable monthly payments.
Adjust the loan term based on your financial comfort, and choose an EMI that fits your budget.
Features and Benefits of a Personal Loan of Rs 1 Lakh
Securing a Rs 1 Lakh loan opens doors to financial flexibility. Explore the features and benefits to understand how a Rs 1 Lakh loan can empower you financially.
Attractive Interest Rate
Enjoy attractive interest rates from 1.58% per month, making your loan manageable and budget-friendly.
Collateral-Free
Getting a Rs 1 Lakh loan is easy and stress-free, with no collateral required.
Flexible Repayment Tenure
These loans offer a flexible repayment tenure of up to 36 months for easy repayment.
Instant Approval
Get a Rs 1 Lakh instant loan approval for quick access to funds without any delays.
Eligibility Criteria for a Personal Loan of Rs 1 Lakh
Understanding the eligibility criteria is crucial for securing an instant loan of Rs 1 lakh. Typically, your credit score, monthly income, and employment stability are evaluated. You can use a personal loan eligibility calculator to check your eligibility instantly.
| Criteria | Requirement |
|---|---|
| Age | You should be between 21-58 years. |
| Citizenship | You should be a citizen of India. |
| Work Experience | Minimum work experience for salaried employees is 6 months and 2 years for self-employed. |
| Monthly Income | Minimum income requirements of Rs 15,000 per month. |
Documents Required for a Personal Loan of Rs 1 Lakh
Securing a Rs 1 Lakh personal loan is quick and easy without any paperwork. Simply have the following documents handy for both salaried and self-employed individuals to instantly process your application.
Pan Card
Aadhar Card
Personal Loan Interest Rates & Charges for Rs 1 Lakh Loan
You should be aware of the interest rates applicable on Rs 1 Lakh personal loan. These rates directly affect your total repayment. Lower personal loan interest rates make borrowing more affordable. It's important to find the best options available. For more accuracy, you can calculate your EMI and find the best available options.
| Charge Type | Details |
|---|---|
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Starting from 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Loan app does not charge cancellation charges |
| 2. Interest paid is non-refundable | |
| 3. Processing charges are non-refundable |
How to Apply for a Personal Loan of Rs 1 Lakh?
Applying for a personal loan with low interest is very simple. Just follow the easy steps mentioned below, and you are good to go:
- 01
Visit the Hero FinCorp website or download the personal loan app.
- 02
Go to the instant personal loan section and click ‘apply now’.
- 03
Enter your mobile number. Register yourself by submitting the OTP received.
- 04
Select the desired loan amount.
- 05
Complete your KYC verification. Check the income eligibility.
- 06
Click ‘Submit’ to finish your application.
Uses of Personal Loan of Rs 1 Lakh
A Rs 1 lakh Personal Loan can be used for various financial needs, including the following:
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Yes, income proof, like bank statements, salary slips, or ITRs is necessary to evaluate repayment ability for a Rs 1 Lakh Personal Loan.
The monthly payment (EMI) on a loan of Rs 1 Lakh will depend on the interest rate and term you select. For example, the EMI of a Rs 1 Lakh loan at a 19% annual rate for a 12-month loan term will be approximately Rs 9,216.
Yes, you can get a Personal Loan of Rs 1 Lakh even if you do not have salary slips. You can submit your Form 16, ITRs or bank statements as proof of income.
The minimum salary requirement at Hero FinCorp to avail of a Personal Loan of Rs 1 Lakh is Rs 15,000 per month.
You can choose to apply through the Hero FinCorp website or loan app with KYC documents and proof of income for instant approval. It can get approved within 10 minutes if eligibility and verification standards are met.
Yes, you can obtain a Rs 1 Lakh loan amount even with a low CIBIL score. However, it will depend on the lender's policies and may result in higher interest rates or lower loan amounts.
Hero FinCorp loan app provides an instant approval of Personal Loan of Rs 1 Lakh in 10 minutes with minimum documents.
No, documents for KYC and income proof are required for a Rs 1 Lakh Personal Loan whether you apply online or through a branch in person.
Yes, you can easily get approval for a Personal Loan of Rs 1 Lakh for emergency within 10 minutes when you apply on the website or loan app of Hero FinCorp.
Disclaimer
*Approval & Agreement: Loan approval is at Hero FinCorp's discretion. By applying, you agree to our Terms & Conditions, Privacy Policy, and Loan Agreement.
*Data Use: You consent to electronic processes and data use for loan assessment, as per our Privacy Policy.
*Security: Keep your account and device secure. Report our customer care for unauthorized activity immediately.
*Grievances: For concerns, refer to our Grievance Redressal Policy.
*EMI Payment: Refer to our T&Cs here*
*RBI Mandate: RBI requires transparent disclosures. Learn more from RBI.